5 Successful Tips to Saving
1. What do you want to achieve from saving?
It is important to note that before you begin to save; you know exactly what you want? How much you need and by when? All these important milestones are steps towards a successful saving spree. Our financial advisors advise what you allocate to your savings account for each goal. Choosing the right savings account, ultimately depends upon the goal and how best to achieve it.
2. Shop around
When choosing a suitable savings account to meet your goal don’t be fooled by the opening promos, i.e. bonus rates, these tend to drop off after a period of time. Trust an independent financial advisor to source you the most suitable savings account to meet your needs. Whilst comparison sites are good, they are never fully able to understand your needs.
3. Do you pay tax?
If you pay tax, then you’re eligible for a tax–free ISA account. It is important however that you also consider interest rates with ISA to ensure the tax benefit isn’t overshadowed by poor interest rates.
4. Dare to save
By setting up a standing order and making regular payments to your savings account you can ensure that you’re topping up your savings without having to remember. With regular savings accounts you can earn more on interest. Fixed term accounts also have high interest rates, but if you hope to withdraw your funds urgently then you may be hit with a fee.
5. Mind your limits
To ensure that your savings are protected by the Financial Services Compensation Scheme (FSCS) it is crucial that you don’t exceed £75,000 with one bank. If you are currently exceeding this limit then our experts suggest you move the excess elsewhere.
For more top tips on choosing the best savings account to meet your needs contact us today and book a free consultation. Our experts will offer trusted saving advice.
